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Property profile & analytics
OFF-MARKET
Estimated value
$815,000
Apartment buildings
3701 Elm Dr Urbandale, IA 50322-3063
Entity Owned
~
Est. High Equity
Property ID
US25-0454148
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1965
Construction
FRAME
Total area
6,336 SF
Lot
2.65 ac (115,390 SF)
Zoning code
R-2
APN
312/01590-021-002
UPID
US25-0454148
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$810k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$815k
Owner & transaction history
Kierland Commons LLC
Kierland Commons LLC
1 recorded transaction
Zoning & alternative use
R-2 · Urbandale, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
0.05 “A-2” ESTATE RESIDENTIAL DISTRICT. § 160.06 “R-1L” LOW DENSITY SINGLE-FAMILY DISTRICT. § 160.07 “R-1I” INTERMEDIATE DENSITY SINGLE-FAMILY DISTRICT. § 160.08 “R-1S” SUBURBAN DENSITY SINGLE-FAMILY DISTRICT. § 160.09 “R-2” TOWNHOUSE RESIDENTIAL DISTRICT. § 160.10 “R-3” LOW DENSITY MULTI-FAMILY DISTRICT. § 160.11 “R-4” MEDIUM DENSITY MULTI-FAMILY DISTRICT.…
Zone name
Townhouse Residential
General category
COMMERCIAL
Zone area
57.01 ac
Source
CHAPTER 160: ZONING
Top alternative use upside
Auto repair, garage
$1.1M
+17.0%
Medical building
$1.1M
+13.0%
Restaurant
$980,000
+4.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Urbandale submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Urbandale submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$880,000
6.5%
$810,000
7%
$755,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$935,000
Current use
AUTO REPAIR, GARAGE
$1,090,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$1,055,000
Change: +13% · Conversion: Moderate
RESTAURANT
$980,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$815k
Range $734k – $897k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$129 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$50,304
Tax year 2020
Assessed value
$2,660,000
Assessed 2023
Previous assessed
$2,660,000
+0.0% YoY
Effective rate
1.89%
On assessed value
Assessed land
$366,000
Assessed improvement
$2,294,000
Land market value
$366,000
Improvement market value
$2,294,000
Total market value
$2,660,000
Applied tax rate
19.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1965
Construction
FRAME
Heating
NONE
Buildings
7
Stories
2
Units
8
Total area
6,336 SF
Lot
2.65 ac (115,390 SF)
Zoning code
R-2
APN
312/01590-021-002
UPID
US25-0454148
Jurisdiction
POLK
Zoning & alternative use
R-2 · Urbandale, IAZoning R-2 · permitted uses
R-2 · Urbandale, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
0.05 “A-2” ESTATE RESIDENTIAL DISTRICT. § 160.06 “R-1L” LOW DENSITY SINGLE-FAMILY DISTRICT. § 160.07 “R-1I” INTERMEDIATE DENSITY SINGLE-FAMILY DISTRICT. § 160.08 “R-1S” SUBURBAN DENSITY SINGLE-FAMILY DISTRICT. § 160.09 “R-2” TOWNHOUSE RESIDENTIAL DISTRICT. § 160.10 “R-3” LOW DENSITY MULTI-FAMILY DISTRICT. § 160.11 “R-4” MEDIUM DENSITY MULTI-FAMILY DISTRICT. § 160.12 “O-R” TRANSITIONAL OFFICE/RESIDENTIAL DISTRICT. § 160.13 “C-O” OFFICE/SERV
Zone name
Townhouse Residential
General category
COMMERCIAL
Zone area
57.01 ac
Source
CHAPTER 160: ZONING
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$935,000
AUTO REPAIR, GARAGE
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.1M
RESTAURANT
Est. value
$980,000
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1965
Construction
FRAME
Heating
NONE
Stories
2
Buildings
7
Units
8
Lot
2.65 ac
Current owner
From public records · entity-resolved
Kierland Commons LLC
Entity
Mailing address
PO BOX 143, GRIMES, IA 50111-0143
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
—
—
Kierland Commons LLC
—
Deed Of Trust
related
$2,800,000 · Great Western Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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